The Asset in the form of a physical substance which can not be easily converted into a cash within the operation cycle (usually a fiscal year).
It's also called Long-Term Asset.
These are items of value that the organization has bought and will use for an extended period of time;
Normally include items such as land, buildings, vehicles, furniture, office equipment, computers, machinery, tools, IT equipment, fixtures and fittings, plant and certain wasting resources e.g., timberland and minerals.
In Financial Management they are written off against profits over their anticipated life by charging Depreciation expenses (with exception of land).
See also
Business / Business Administration / Financial Management / Financial Accounting
[ Asset ] [ Current Asset ] [ Intangible Asset ] [ Depreciation ]